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S.F. No. 1491 - City of Wayzata; TIF 5-Year Rule
 
Author: Senator David J. Osmek
 
Prepared By: Eric S. Silvia, Senate Counsel (651/296-1771)
 
Date: March 8, 2017



 

S.F. No. 1491 provides an exemption from the five-year rule for TIF District No. 3 in the city of Wayzata by allowing increment from the district to be expended for any project contemplated by the original tax increment plan, including, without limitation, a municipal parking ramp within the district. TIF District No. 3 is a redevelopment district that was certified in 1996. Under current law, the five-year rule expired on March 1, 2001.

Effective upon compliance by the governing body of the city of Wayzata with local approval and filing requirements.    

 
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